The Influence Study Of Monetary Policy Impact On The Real Estate Industry

With the increasingly perfect of the economy market in China, Our financial market have got rapid development. The important role of financial system in the national economy system becoming more significant, especially for the influence of the pillar industries such as real estate industry. The real estate industry, as one of the important pillar industry of national economic development, has being developing rapidly in the past for a period of time. It also produced many problems, such as overheated investment, real estate prices rose too fast and real estate asset bubbles, etc., these have become the focus of government and the people for a long time.In order to maintain the stable development of the real estate industry government has repeatedly issued relevant regulation policy. After a series of policy measures in regulating the real estate industry, although there are still common rising trend of real estate prices in cities across the country, but the pace slowed markedly, and the trading volume has dropped sharply. First-tier cities such as Beijing, Shanghai and second-tier cities such as Hangzhou, Changzhou, part of the building in the price or discount sales. Real estate market as a whole is presented in high and volatile and gradually cooling trend, and the market prices of the strong downward expectations.In this paper, from the view of the financial accelerator theory, analysis and study the influence of monetary policy impact on the real estate industry in our country. Based on the transmission mechanism, characteristics and influence factors, and combined with empirical research, Then gradually reveal the financial accelerator effect of monetary policy influence the real estate industry in our country.Research of this paper is focused on the financial accelerator theory perspective, analysis the impact of monetary policy impact on the real estate industry in our country. First of all, through the analysis of the transmission mechanism of monetary policy analysis, this paper respectively discusses the monetary transmission channel and the credit transmission channel of monetary policy. And focuses on the financial accelerator transmission mechanism under the credit channel.Then formed the impact of monetary policy impact on real estate industry in our country theoretical basis. Secondly, further study of monetary policy through balance sheet channel. Analysis it how to influence the real estate enterprise net assets, net assets change and drive the change of external financing premium, which influence the real estate business investment spending, and the change of the total output., the change of the output, in turn, influence the real estate enterprise net assets once again, to form a cycle process of expanding effect. Finally, based on the theory in this paper, this article do empirical research on Chinese listed real estate enterprise data, from the perspective of the empirical tests the financial accelerator on monetary policy impact on the real estate industry in our country, and given relevant policy recommendations according to the results of the empirical research conclusions.